The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N414.05 per dollar on Monday, 25 October 2021, after it closed at N415.07 per $1 on Friday, 22 October 2021. This represents a change of -0.01%.
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
At the parallel market, the local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 25 October 2021, in Lagos Nigeria after it closed N574.00 per $1 on Friday, 22 October 2021.
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Even though the dollar to naira opened in the parallel market at N570 per $1 today, the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
The Moment Nigeria reports that on the black market, the players buy a dollar for N565 and sell for N570 on Monday morning, October 25, 2021 after they bought N568 and sold N573 last Friday.
Meanwhile, it was gathered that the USD started this week at N570 in Parallel Market also known as Black Market on Monday, October 25, 2021 in Lagos Nigeria, after it opened N572 last week Monday, October 18, 2021.